# Summary Decomposition: Z_1 Effect on Gross External Assets

Sequential decomposition on common sample (countries with data on all mediators)

Controls: rgdp_growth, fiscal_bal_gdp, nfa_gdp_lag

| Component                          | Z_1 coefficient   | % of total   |
|:-----------------------------------|:------------------|:-------------|
| Total Z_1 effect                   | 5607.7778         | 100.0%       |
| Pension spending                   | Δ = -2.5245       | -0.0%        |
| Financial depth (incremental)      | Δ = -482.7912     | -8.6%        |
| Exchange rate regime (incremental) | Δ = -159.6386     | -2.8%        |
| Capital openness (incremental)     | Δ = 7024.6019     | 125.3%       |
| Residual / unexplained             | -771.8698         | -13.8%       |